The results from the Senate polls for the appointment of the new chief of Securities and Exchange Commission have been announced. Gensler was nominated for the said position by the new president Elect Joe Biden.
Gensler would soon be sworn in to start his tenure and take the helm of the financial regulatory agency. He managed to get 53 votes in his favor and 45 against the decision. In a way, his appointment was a close call. The matter of Gensler’s appointment has been a matter of major concern for the crypto community. The stakeholders are eager to see his stance on the raising issues about the digital asset transformation and which direction is SEC steered under the new reign.
Who is Gary Gensler, and why his New Position Matter?
Gary Gensler rose to fame for the first time when he was working as the hedge fund manager at Goldman Sachs. He then went on to assume the position of Chairman for Commodity Futures Trading Commission (CFTC). During his time at CFTC, Gensler named himself a strict regulator for Wall Street Capitalists despite his earlier association with the network. Later on, he was hired at the MIT institute as a senior professor and joined the Media Lab research board.
Gensler is considered a proficient authority on digital assets, and he was teaching Grad students about the inner workings of blockchain and the DeFi economy. Recently, his appointment as the new chief of SEC has raised a lot of questions. The SEC is presently at war with the crypto community. The former SEC chief Jay Clayton has opened up and left a Pandora’s Box with the Ripple Labs case. Now all eyes are on Gensler to see how he fills the gaps.
How does Gensler’s Appointment Affect the Crypto Markets and Bitcoin ETF?
The senators who voted for Gensler’s election are Susan Collins, Chuck Grassley, and Cynthia Lummis. These senators are dominantly Bitcoin proponents. However, Gensler has not shown his cards yet and speaks in a matter of faculty tone about his ambitions. He has previously been quoted to say that there could be a strong case for non-compliant securities like XRP and ETH.
He told in his election speech that he believes that cryptocurrencies have introduced a change into the conventional banking systems. He also added that there is a need to introduce regulations for the safety and security of the investors. The crypto community stakeholders expect to get approval for BTC-tied ETFs in the US and revoke the SEC’s case against Ripple Labs.